PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION

Technology sector update August 2020

Scott Colvin, Managing Director [email protected] Blackpeak is a leading independent investment banking & advisory firm

▪ We are an independent corporate advisory firm based in Sydney providing corporate finance and strategic advice on mergers & acquisitions, strategy and capital raisings

▪ We strive to be our client's trusted advisor and confidant and are focused on building long term relationships with clients to assist them achieve their growth ambitions and maximise value

▪ Blackpeak is the most active independent adviser to technology growth companies in ANZ, completing ~30+ technology transactions in the last 5 years

Mergers & acquisitions Strategic advice Capital raising advisory

▪ Strategic and financial evaluation ▪ Evaluate all options to maximise ▪ Private capital raising including pre- ▪ Execution of private and public market shareholder value IPO financing transactions including takeover ▪ Identify & evaluate acquisition targets ▪ Advice on IPOs and secondary equity defence ▪ Portfolio review to consider value capital raisings including both initial ▪ Designing optimal sale processes to impacts of potential divestments planning, structuring and execution create competitive tension to maximise ▪ Balance sheet & capital structure ▪ Debt and hybrid raisings value advice ▪ Negotiating and structuring complex ▪ Capital management options including transactions dividend policy and other initiatives

PRIVATE & CONFIDENTIAL | 1 AGC strategic alliance: leading local coverage + global distribution

AGC Partners Blackpeak and AGC’s Global Reach

▪ Leading tech investment bank: AGC is ranked as the most active boutique bank dedicated to tech, having completed more than 390 M&A and growth equity transactions since inception in 2003. More than 50 professionals, including 20 partners, with offices in Boston (HQ), Silicon Valley, New York, Chicago, Dallas,

Los Angeles, Minneapolis, Austin, Atlanta and London London Minneapolis ▪ Strong connectivity with buyers/ investors: relationships with Chicago Boston over 1,000 technology investors and strategic buyers across Silicon Valley Los Angeles New York North America, Europe, and Asia Atlanta Austin Dallas ▪ Domain knowledge: Experience and in-depth domain knowledge across all key technology sub-sectors including Application Software, Cybersecurity, Defence Technology, Digital Media / Asia access Internet, Energy & Industrial Tech, FinTech, Healthcare IT & Life Sciences, Infrastructure / Cloud, Internet of Things, Mobility AGC offices Solutions, Semiconductors and Tech-Enabled Services Sydney Blackpeak offices NZ ▪ Industry conferences: AGC runs industry conferences in Boston, access San Francisco, London and Las Vegas, providing one-on-one meetings with strategic tech acquirers, investors, and emerging growth companies Benefits for Blackpeak’s clients

▪ Alliance will uniquely position Blackpeak to provide global Leading local coverage to service ANZ tech Co’s technology investment banking capabilities, combined with leading local coverage, service and support to technology growth Extensive experience in tech financing + M&A companies in ANZ that are institutional size and quality ▪ Alliance enhances Blackpeak’s access to strategic acquirers and Global investor/ buyer connectivity (APAC, USA, EU) investors in US and Europe as well as proprietary market intelligence and industry content (particularly relevant in the context of running sell side M&A or capital raising processes)

PRIVATE & CONFIDENTIAL | 2 Blackpeak service offerings

PRE-IPO CAPITAL PRIVATE CAPITAL Experienced in advising Assisting companies and companies with the final round founders find the right partner of private fundraising before an for growth and/or selldown IPO by considering investor suitability and structuring alternatives

With a focus on sell-side M&A, Blackpeak has a track record of achieving outstanding outcomes for our clients. PRIVATE M&A ADVISORY Extensive experience in management and execution of IPO’s and equity capital markets transactions with significant shareholder value realised by our clients PUBLIC MARKETS M&A IPO and ECM ADVISORY Extensive public markets M&A experience and capability sets Blackpeak apart from boutique competitors

PRIVATE & CONFIDENTIAL | 3 Blackpeak is a leading adviser to technology companies in Australia & NZ

Current 2020 2019 2019 2019 Private Raising Private raising Private raising Trade sale Sale of controlling Size undisclosed stake Financial Advisor Financial Advisor Financial Advisor Financial Advisor Financial Advisor

2019 Acquisition HROnboard Undisclosed Financial Advisor

PRIVATE & CONFIDENTIAL | 4 Blackpeak is a leading adviser to technology companies in Australia & NZ

PRIVATE & CONFIDENTIAL | 5 Deep domain expertise in ANZ technology markets

Proprietary insights and detailed sector analytics

▪ Blackpeak has deep domain expertise across multiple ANZ technology sectors in both the private and public market

▪ We have a deep understanding of listed technology companies and key metrics

▪ We create in-house technology sector reports that contain detailed sector analytics and valuation benchmarking data

▪ Blackpeak offers a differentiated service for clients in the technology sector based on a highly analytical approach and our focus on understanding the value proposition and key valuation drivers of our clients

SaaS Software Online Tech Enabled Online/ Tech Hardware Fintech IT Services Classifieds Services Digital & Equipment

The most comprehensive ANZ technology database

▪ Technology market themes Listed tech companies Proprietary technology ▪ Private equity and venture capital financing 132 covered by Blackpeak’s 4 sector reports released research and analytics every quarter ▪ Private and public market M&A ▪ Technology IPOs ▪ Public comparables

▪ Valuation and performance benchmarking Dominant technology Execution excellence ▪ Technology deal metrics sector expertise

PRIVATE & CONFIDENTIAL | 6 Senior corporate finance professionals

Name/ position Prior experience Education/ experience Years of experience

Max Billingham ▪ Formerly a Managing Director at Credit Suisse Executive Chairman ▪ Qualified as a chartered accountant [email protected] M +61 417 208 845 ▪ Global experience, worked in New York and London 27 ▪ INSEAD, MBA ▪ Bachelor of Business, University of Technology Sydney

Scott Colvin ▪ Prior to founding Blackpeak Capital, Scott held senior Managing Director positions with Credit Suisse and Wilson HTM [email protected] ▪ AGSM UNSW, Executive MBA M +61 416 335 455 ▪ London Business School, Masters in Finance 22 ▪ Graduate Diploma, FINSIA ▪ Bachelor of Commerce, UNSW

Jamie Taylor Director ▪ Previous roles include Head of Australian Institutional [email protected] Sales for Merrill Lynch (London-based), and Head of M +61 414 922 560 33 Corporate Finance For Wilson HTM (Sydney-based) ▪ Bachelor of Economics, Monash University

Tom Ng ▪ Formerly a senior FIG banker at Credit Suisse and Director regulator at Bank of England [email protected] ▪ Oxford University, MPhil (Economics) 21 M +61 490 796 752 ▪ B. Econ (Hons), UNSW ▪ Graduate of Royal Military College, Duntroon

PRIVATE & CONFIDENTIAL | 7 Agenda

1. Market snapshot

2. ANZ tech sector overview

3. Technology sector capital raisings

a) ANZ

b) US

4. Technology sector mergers and acquisitions

a) ANZ

b) US

PRIVATE & CONFIDENTIAL | 8 Market snapshot

PRIVATE & CONFIDENTIAL | 9 Market themes

▪ Major stock indices have rallied c.30%+ from their March lows in June, led by a strong recovery of the technology sector (e.g. WAAAX & FAANG), with Nasdaq reaching record highs ▪ Monetary and fiscal stimulus have fuelled a powerful stock market rebound with valuation multiples returning to pre-COVID-19 levels, contrary to the expectation of valuations reaching recessionary lows ▪ Many equity strategists have become extremely cautious due to the apparent disconnect between the market and the economy, particularly towards US stocks given the significant surge in COVID-19 cases Market overview in several economically significant states which will hinder reopening efforts ▪ Majority of ASX tech sectors have erased all losses from the COVID-related crash and are now trading at record high valuation multiples

▪ Majority of planned ASX IPO’s raising > A$10m have been cancelled or postponed as uncertainty continues to loom across global markets, however a resurgence in ASX IPO’s may occur in the second half of 2020 with a focus towards health care and technology ▪ Numerous ASX companies from the hardest hit sectors have sought bailouts, recapitalisation or emergency funding (e.g. Virgin Australia, Webjet and Qantas) Context for capital raising ▪ Record-high levels of PE/VC dry powder may contribute to the pace of recovery in private capital raising and M&A activities in the ANZ region, although initial cash deployments have focused on providing support to existing portfolio companies ahead of new investment opportunities

▪ Although the US unemployment rate had noticeably decreased in recent months, the rise in COVID-19 cases, coupled with US-China tensions have altered the economic expectation of investors (e.g. European Commission revised down its economic forecasts for the euro zone for the next two years) ▪ As restrictions begin to ease across most continents, signs of optimism have been instilled in the Market outlook markets although professional asset managers remain cautious given the accelerating state of the pandemic and the uncertainty around the possibility of a V-shaped economic recovery

PRIVATE & CONFIDENTIAL | 10 Tech winners and losers in the COVID-19 pandemic

Winners Losers ▪ Elevating demand for telehealth and health ▪ International travel restrictions have led to care data management across the world widespread disruption in sectors such as ▪ Strong tailwinds expected throughout the tourism and travel COVID-19 crisis and potential for emerging ▪ Some companies have sought urgent funding HealthTech companies to win material contracts and Travel Tech ▪ Global travel may experience a U-shaped attract investment capital to support growth recovery as COVID-19 slows ▪ Remote working had incentivised companies ▪ The trend of remote digital learning has with on-premise systems to shift towards become widespread in almost 200 countries cloud-based software due to school shutdowns ▪ Accelerating adoption of cloud technology ▪ EdTech experienced a strong surge in (e.g. collaboration and video conferencing demand, and likely to see sustainable On-Premise/ EdTech software) has led to further deterioration in benefits from COVID-led adoption Legacy Tech demand for on-premise software

▪ Remote working capabilities have become ▪ Sharp declines in traffic during the COVID-19 essential for most companies crisis have severely influenced the ▪ Effectively deployed over the cloud not just for performance of transport related tech players professional purposes but also delivery of ▪ However, some segments have performed Virtual school and university curriculum Transport Tech strongly, in particular food delivery and e- Communication ▪ Opportunities to secure long-term customers commerce fulfilment companies

▪ E-commerce transaction volumes have ▪ Proptech has been impacted by the downturn increased significantly across all geographies in the property market ▪ A significant portion of sales at brick and ▪ ASX listed players such as Domain Group mortar stores have transitioned to online and REA Group have seen a decrease in E-Commerce platforms due to social distancing restrictions Property Tech property listing and transaction volumes during the first half of 2020

Source: Capital IQ, company filings, Blackpeak Capital. PRIVATE & CONFIDENTIAL | 11 Recent ASX tech IPO’s ( > A$10m raised)1

Overview EV/ Revenue EV/ EBITDA IPO metrics

IPO Raising Forecast Forecast Revenue Recurring EBITDA Market cap at Return Company Category IPO year IPO year date size (A$m) year year growth1 revenue2 margin2 IPO (A$m)3 since IPO

Oct-19 SaaS 49.3 5.1x n.a. 25.1x n.a. 39.4% 69.5% 20.3% 123.7 45.6%

Dec-19 Fintech 287.1 4.8x n/a n.a. n.a. 26.8% n.a. (0.3%) 1,376.6 27.3%

Technology Dec-19 25.0 6.3x n.a. 19.4x n.a. n.a. n.a. n.a. 94.4 50.0% enabled services

Dec-19 SaaS 110.2 7.4x 4.5x n.a. n.a. 14.4% 49.9% (13.1%) 325.0 (14.5%)

Dec-19 Fintech 45.0 3.8x n.a. 60.4x n.a. 43.6% n.a. 6.3% 211.8 (8.8%)

Dec-19 Fintech 50.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 150.0 31.3%

Dec-19 SaaS 100.1 6.6x 5.5x n.a. n.a. 19.4% 96.2% (19.1%) 452.9 (21.6%)

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions PRIVATE & CONFIDENTIAL | 12 2) IPO year 3) (Share outstanding post-offer * IPO price) from Capital IQ Equity markets have recovered strongly from the COVID-19 crash

Tech indices1 outperformed amidst the market volatility Volatility (VIX) reached GFC levels in recent months

70.0% 90.00 GFC peak COVID-19 peak 50.0% 80.00 30.0% 70.00 60.00 10.0% 50.00 (10.0%) 40.00 (30.0%) 30.00 (50.0%) 20.00 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 10.00 ASX200 S&P500 Nasdaq FTSE100 0.00 Hang Seng WAAAX FAANG 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Tech outperformed the majority of ASX sectors (LTM) Tech valuations are well above long term average2

80.0x 26% 18% 70.0x 10% 66.6x 60.0x 50.0x 0% -5% 40.0x -11% -8% -7% -11% -15% 30.0x ASX 200 IT 10 year average: 22.7x -25% -31% 20.0x 20.2x

10.0x ASX 200 10 year average: 14.9x IT 0.0x

Energy Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20

Utilities

ASX200

Telecom

Materials

Financials

Industrials

Small Ords Small Cons. Disc. Cons.

HealthCare ASX 200 ASX 200 IT Cons. Cons. Staples Equity markets rallied strongly in the second quarter from their March lows

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Market-cap weighted PRIVATE & CONFIDENTIAL | 13 2) 1 year forward P/E CY20 global index performance

20.0% Peak 30-Jun-20 % change ASX 200 7,162 5,898 -17.7% Dow Jones 29,551 25,813 -12.7% S&P500 3,386 3,100 -8.4% 10.0% Nasdaq 10,131 10,059 -0.7% FTSE 100 7,675 6,170 -19.6% Nikkei 225 24,084 22,288 -7.5% Hang Seng 29,056 24,427 -15.9% 0.0%

-10.0%

-20.0%

-30.0%

-40.0%

ASX 200 Dow Jones S&P500 Nasdaq FTSE 100 Nikkei 225 Hang Seng

Major global indices are down ~5-20% from their CY20 peaks following the outbreak of COVID-19

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 ASX performance

20.0% Peak 30-Jun-20 % change ASX 200 7,162 5,898 -17.7% 10.0% ASX All Ords 7,255 6,001 -17.3% ASX All Tech 2,216 2,128 -4.0% ASX 200 IT 1,604 1,570 -2.1%

0.0%

-10.0%

-20.0%

ASX200 sector performance since Jan-20 12% -30.0% 4% 3%

-4% -12% -10% -7% -9% -6% -20% -18% -40.0% -35%

-50.0% 01-Jan-20 01-Feb-20 01-Mar-20 01-Apr-20 01-May-20 01-Jun-20

ASX 200 ASX All Ords ASX All Tech ASX 200 IT

Energy, Financials and Industrials have been the hardest hit sectors as defensive sectors (e.g. Healthcare, Consumer Staples) outperform, Tech was the best performer with 12% return YTD

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 Blackpeak technology index performance

60.0%

40.0%

20.0%

0.0%

-20.0% Performance ANZ SaaS -9.7% -40.0% ANZ software -12.2% Online classifieds 1.8% Tech enabled services -5.1% -60.0% Online/ digital 37.8% Tech H&E -19.8% Fintech 23.2% IT services -35.1% -80.0% 02-Jan-20 02-Feb-20 02-Mar-20 02-Apr-20 02-May-20 02-Jun-20

ANZ SaaS ANZ software Online classifieds Tech enabled services Online/ digital Tech H&E Fintech IT services

Majority of Blackpeak tech indices have recovered strongly from their March lows, with Online/ digital and fintech significantly outperforming other tech indices

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 AUD/USD

1.20 AUD/ USD since Jan-20

0.70

1.10 0.65

0.60 1.00 AUD has rallied firmly against USD since 0.55 March, with AUD/ USD down just 1-2 0.90 cents since January 2020 0.50 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20

0.80

0.70

0.60

0.50 Low during GFC of $0.61 in Oct-08

0.40 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 AUD/USD fell to $0.58 before climbing to pre-COVID-19 levels (~68-70 cents), likely due to optimism towards Australia’s handling of COVID-19 and its faster-than-expected economic recovery

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 A handful of tech sectors are trading at record high valuations

Blackpeak ASX tech indices performance1

Online Tech enabled Online/ SaaS Software Tech H&E Fintech IT services ASX 200 ASX 200 IT classifieds services digital

1 month 4.9% 3.1% 11.5% 4.7% 38.7% (4.0%) 26.6% (3.7%) 2.5% 6.0%

3 months 57.4% 41.5% 71.1% 49.5% 159.2% 48.1% 144.8% 41.5% 16.2% 48.7%

6 months (9.1%) (6.2%) 1.4% (6.1%) 59.5% (18.8%) 23.4% (24.2%) (11.8%) 11.7%

12 months (7.4%) (0.7%) 12.2% (16.1%) 89.4% 1.7% 33.8% (30.8%) (11.3%) 15.3%

Blackpeak ASX tech indices EV/ NTM revenue multiple

12.0x 10.3x 10.0x 8.1x 7.7x 7.6x 8.0x 7.0x 6.8x 7.2x 6.3x 6.2x 6.5x 5.7x 6.0x 5.9x 5.5x 5.1x 5.1x 6.0x 4.6x 4.1x 3.9x 4.0x 3.4x 3.1x 3.2x 3.0x 2.3x 2.7x 1.7x 1.4x 2.0x 1.0x 0.7x 0.9x 0.0x ANZ SaaS ANZ Software Online Tech enabled Online/ digital Tech H&E Fintech IT services ASX 200 ASX 200 IT classifieds services Current 6 months 12 months ago

ASX tech indices have rebounded strongly since the recent COVID correction

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Equal weighted PRIVATE & CONFIDENTIAL | 18 Snapshot of Blackpeak ANZ & US technology universe1

Recurring revenue S&M expense/ revenue NTM EBITDA margin

ANZ SaaS US SaaS US SaaS ANZ software ANZ software 90.7% 91.6% ANZ SaaS 23.2% 39.4% US SaaS 68.4% 31.7% 14.1%

ANZ software ANZ SaaS 4.0% -6.3% NTM revenue growth Total R&D expense/ revenue2 EV/ NTM revenue

ANZ SaaS ANZ SaaS US SaaS US SaaS US SaaS 20.3% ANZ software 32.1% 11.3x 17.7% 24.1% ANZ software 22.1% ANZ software ANZ SaaS

9.1% 5.1x 5.5x

Gross margin Rule of 40% (NTM) EV/ NTM EBITDA

ANZ SaaS ANZ Software excluded due to limited data US SaaS ANZ software US SaaS 88.7% US SaaS ANZ SaaS 25.8x 40.2% ANZ SaaS ANZ software 72.2% 33.3% 19.7x 29.6% 16.9x

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) All points represent the median LTM or median last reported figures, unless stated otherwise PRIVATE & CONFIDENTIAL | 19 2) Includes capitalised development costs ANZ: Technology sector overview

PRIVATE & CONFIDENTIAL | 20 ANZ technology index performance1

100.00% Online classifieds Tech enabled services ANZ SaaS ANZ software Online digital and Fintech 80.00% sectors have significantly Online digital IT services outperformed other indices 60.00% Fintech ASX200 Tech H&E ASX 200 IT 40.00%

20.00%

0.00%

(20.0%)

(40.0%)

(60.0%)

(80.0%) Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20

Online Tech enabled Online/ SaaS Software Tech H&E Fintech IT services ASX 200 ASX 200 IT classifieds services digital 6 months (YTD) (9.1%) (6.2%) 1.4% (6.1%) 59.5% (18.8%) 23.4% (24.2%) (11.8%) 11.7%

12 months (7.4%) (0.7%) 12.2% (16.1%) 89.4% 1.7% 33.8% (30.8%) (11.3%) 15.3%

Peak to trough (58.2%) (47.1%) (54.1%) (61.5%) (72.6%) (63.3%) (73.1%) (63.7%) (36.5%) (47.2%)

Trough to current 107.8% 74.8% 104.0% 113.4% 265.6% 106.5% 246.5% 83.5% 29.7% 85.2%

Tech sectors have experienced almost a V-shaped rebound from their March lows

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Equal weighted PRIVATE & CONFIDENTIAL | 21 ANZ technology EV/ NTM revenue

12.0x

10.0x

8.0x

6.0x

4.0x

2.0x

0.0x Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 ANZ SaaS ANZ Software Online classifieds Tech enabled services Online/ digital

Tech H&E Fintech IT services ASX 200 ASX 200 IT

Online Tech enabled SaaS Software Online digital Tech H&E Fintech IT services ASX 200 ASX 200 IT classifieds services 12 months ago 8.1x 5.1x 7.6x 6.2x 1.0x 2.7x 6.5x 0.9x 3.0x 5.9x

Current 5.5x 5.1x 10.3x 5.7x 2.3x 3.4x 7.0x 1.4x 3.1x 7.2x

ANZ SaaS companies have experienced the most significant revenue multiple contraction

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Equal weighted PRIVATE & CONFIDENTIAL | 22 ANZ technology EV/ NTM revenue

45.0x ANZ SaaS ANZ software Online classifieds Tech enabled services Online/ digital Tech H&E Fintech IT services

40.0x

35.0x

30.0x

Tech enabled Tech H&E services Median: 3.4x 25.0x Median: 5.7x

20.0x SaaS Online Classifieds Fintech Median: 5.5x Software Median: 10.3x Median: 7.0x Median: 5.1x 15.0x

10.0x Online/Digital Median: 2.3x IT Services Median: 1.4x 5.0x

0.0x

Zip

FDV Wisr Tyro

OFX REA EML RXP

Xero Nitro

Iress

Class

Serko Rhipe

SEEK

Eroad

Altium

ELMO

Appen Kogan

Hub24 Codan

Pivotal Sezzle

Citadel

Prospa

Straker

Data#3

Life360

Whispir

Domain

Hansen Volpara

Bravura

Netlinkz Money3

LiveHire

FINEOS

Catapult Afterpay

Damstra

Limeade

Pushpay

LiveTiles

Audinate

Gentrack

NEXTDC

Nearmap

Objective

Revasum

Megaport

Infomedia MoneyMe

WiseTech Netwealth

Praemium

Superloop

BigTinCan

Redbubble

ReadyTech

Aerometrex

VistaGroup

3P 3P Learning

ProMedicus

OvertheWire

carsales.com

TechnologyOne

WebcentralGroup…

Temple& Websters IntegratedResearch

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 PRIVATE & CONFIDENTIAL | 23 ANZ technology EV/ NTM EBITDA1

80.0x ANZ SaaS ANZ software Online classifieds Tech enabled services Online/ digital Tech H&E Fintech IT services

70.0x Tech enabled services Median: 30.6x 60.0x

50.0x Software Median: 16.9x Online/Digital Median: 26.3x 40.0x Fintech SaaS Tech H&E Median: 22.2x Median: 9.6x Online Classifieds Median: 12.9x Median: 23.7x 30.0x IT Services Median: 12.5x

20.0x

10.0x

0.0x

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Excluded companies with EV/ NTM EBITDA >60.0x PRIVATE & CONFIDENTIAL | 24 ANZ technology EV/ NTM revenue vs NTM revenue growth rate % EV/NTM revenue 30.0x

25.0x

20.0x

15.0x

10.0x

5.0x

0.0x 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

NTM revenue growth ANZ SaaS ANZ software Online classifieds Tech enabled services Online/ digital Tech H&E Fintech IT services

Post COVID-19 revenue multiples seem to be less correlated with growth rates than what we have seen in previous periods

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 PRIVATE & CONFIDENTIAL | 25 ANZ technology EV/ NTM EBITDA vs NTM EBITDA margin %

EV/ NTM EBITDA 40.0x

35.0x

30.0x

25.0x

20.0x

15.0x

10.0x

5.0x

0.0x 0% 10% 20% 30% 40% 50% 60% NTM EBITDA margin ANZ SaaS ANZ software Online classifieds Tech enabled services Online/ digital Tech H&E Fintech IT services

ASX investors typically pay higher multiples for high margin businesses

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 PRIVATE & CONFIDENTIAL | 26 ANZ tech: Public equity capital raisings

PRIVATE & CONFIDENTIAL | 27 ANZ tech: ASX tech IPO tracker ( > A$10m raised)1

▪ Despite a strong recovery in listed technology share No. ANZ tech IPO’s prices in the June quarter, this did not translate into any 15 technology IPOs of note throughout the June half. 12 ▪ The resources and costs involved in preparing a IPO activity company for listing means companies are only likely to 8 press the button on an IPO path once they are 7 muted in CY20 confident that more stable market conditions might prevail.

▪ The 2019 IPO cohort has seen a mixed performance 0 despite the broad market recovery recorded in the June CY16 CY17 CY18 CY19 1H20 quarter. BNPL stocks were again star performers with Quickfee and Sezzle turning around IPO price declines Total ANZ tech IPO capital raised (A$m)2 from end March to massive gains by end June, and Splitit continuing to hit record highs. Other high profile Primary proceeds 1,327 IPOs such as Prospa and Life360 have continued to Secondary proceeds struggle. 481 Total proceeds ▪ The pipeline for tech IPOs for the remainder of 2020 is looking highly uncertain with sustained volatility from: 580 (a) COVID newsflow; (b) the upcoming reporting 159 season; (c) the US election; and (d) US-China trade 213 846 173 tensions likely to make it difficult for companies to have 421 22 20 0 confidence to commit to an IPO process 150 192 0 CY16 CY17 CY18 CY19 1H20

Volatile market conditions resulted in no ASX tech IPO’s (raising > A$10m) in 1H20

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 PRIVATE & CONFIDENTIAL | 28 ANZ tech: ASX tech IPO tracker ( > A$10m raised)1

Overview EV/ Revenue EV/ EBITDA IPO metrics

IPO Raising Forecast Forecast Revenue Recurring EBITDA Market cap at Return Company Category IPO year IPO year date size (A$m) year year growth2 revenue2 margin2 IPO (A$m)3 since IPO

Mar-16 Software 62.4 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 194.4 (98.8%)

Apr-16 SaaS 167.6 8.7x 6.6x 29.7x 18.5x 28.1% 98.0% 29.4% 973.6 477.6%

May-16 Fintech 25.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 165.0 5999.0%

May-16 Online/ digital 39.8 1.8x 1.2x n.a. n.a. 61.2% n.a. (9.2%) 267.7 54.9%

Jun-16 Online/ digital 10.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 40.0 (10.0%)

Jun-16 Online/ digital 25.0 n.a. n.a. n.a. n.a. 632.0% n.a. n.a. 80.6 (85.5%)

Jun-16 Fintech 15.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 39.1 (86.9%)

Aug-16 Online classifieds 30.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 108.1 93.0%

Sep-16 Online/ digital 12.2 n.a. n.a. n.a. n.a. 4.3% n.a. (12.8%) 22.0 (10.0%)

Nov-16 Software 148.1 1.6x n.a. 9.5x n.a. 1.6% 57.0% 17.2% 310.6 210.3%

Technology Dec-16 25.0 1.4x n.a. 6.3x n.a. 6.8% n.a. 9.0% 86.0 n.a. enabled services

Dec-16 Technology H&E 10.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 24.4 (86.0%)

Mar-17 SaaS 12.0 3.2x n.a. n.a. n.a. 38.0% 92.0% n.a. 45.8 182.7%

May-17 SaaS 15.0 1.7x 1.4x 12.4x 7.7x (1.1%) 47.6% 13.6% 62.3 (77.6%)

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions Advised by Blackpeak Capital PRIVATE & CONFIDENTIAL | 29 2) IPO year 3) (Share outstanding post-offer * IPO price) from Capital IQ ANZ tech: ASX tech IPO tracker ( > A$10m raised)1

Overview EV/ Revenue EV/ EBITDA IPO metrics

IPO Raising Forecast Forecast Revenue Recurring EBITDA Market cap at Return Company Category IPO year IPO year date size (A$m) year year growth1 revenue2 margin2 IPO (A$m)3 since IPO

Jun-17 SaaS 25.0 5.3x 3.8x 97.7x 31.3x 24.8% 96.0% 5.5% 108.3 258.0%

Jun-17 Technology H&E 21.0 4.0x 3.1x n.a. n.a. 27.1% n.a. (4.6%) 72.6 342.6%

Sep-17 Software 10.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 40.0 (43.3%)

Nov-17 Software 12.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 31.7 (93.5%)

Dec-17 Fintech 67.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 306.2 n.a.

Dec-17 Online/ digital 10.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 49.9 (97.0%)

Technology Mar-18 70.0 n.a. n.a. n.a. n.a. 15.7% n.a. 23.3% 94.9 (95.9%) enabled services

Apr-18 Software 16.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 21.4 (92.0%)

Jul-18 Technology H&E 53.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 206.5 (30.6%)

Oct-18 Fintech 11.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 40.9 (84.7%)

Technology Oct-18 21.2 2.7x n.a. n.a. n.a. 6.3% n.a. (0.0%) 79.4 (42.1%) enabled services

Nov-18 Technology H&E 10.2 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 48.7 (79.7%)

Dec-18 Technology H&E 30.7 2.9x n.a. 34.0x n.a. 35.8% n.a. 8.4% 153.0 (79.8%)

Jan-19 Fintech 12.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 53.9 490.0%

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions Advised by Blackpeak Capital PRIVATE & CONFIDENTIAL | 30 2) IPO year 3) (Share outstanding post-offer * IPO price) from Capital IQ ANZ tech: ASX tech IPO tracker ( > A$10m raised)1

Overview EV/ Revenue EV/ EBITDA IPO metrics

IPO Raising Forecast Forecast Revenue Recurring EBITDA Market cap at Return Company Category IPO year IPO year date size (A$m) year year growth1 revenue2 margin2 IPO (A$m)3 since IPO

Apr-19 SaaS 50.0 4.2x 3.9x 10.9x 9.5x 6.2% 89.6% 39.0% 120.8 (7.3%)

May-19 SaaS 145.4 15.2x 8.3x n.a. n.a. 82.6% n.a. (51.5%) 689.2 (57.4%)

May-19 Fintech 17.4 3.1x 2.5x n.a. n.a. 9.2% n.a. (33.8%) 72.0 (52.9%)

Jun-19 Fintech 109.6 3.8x n.a. n.a. n.a. 29.9% n.a. (2.4%) 610.1 (74.6%)

Jun-19 SaaS 47.0 4.4x 3.5x n.a. n.a. 11.6% 76.7% (39.1%) 163.0 34.4%

Jul-19 Fintech 13.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 28.1 157.5%

Jul-19 Fintech 43.6 98.5x n.a. n.a. n.a. 5,795.8% n.a. (243.6%) 217.0 208.2%

Aug-19 Software 211.0 5.6x n.a. 75.2x n.a. 30.9% n.a. 11.8% 661.0 56.0%

Oct-19 SaaS 49.3 5.1x n.a. 25.1x n.a. 39.4% 69.5% 20.3% 123.7 45.6%

Dec-19 Fintech 287.1 4.8x n.a. n.a. n.a. 26.8% n.a. (0.3%) 1,376.6 27.3% Technology Dec-19 25.0 6.3x n.a. 19.4x n.a. n.a. n.a. n.a. 94.4 50.0% enabled services

Dec-19 SaaS 110.2 7.4x 4.5x n.a. n.a. 14.4% 49.9% (13.1%) 325.0 (14.5%)

Dec-19 Fintech 45.0 3.8x n.a. 60.4x n.a. 43.6% n.a. 6.3% 211.8 (8.8%)

Dec-19 Fintech 50.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 150.0 31.3%

Dec-19 SaaS 100.1 6.6x 5.5x n.a. n.a. 19.4% 96.2% (19.1%) 452.9 (21.6%)

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions Advised by Blackpeak Capital PRIVATE & CONFIDENTIAL | 31 2) IPO year 3) (Share outstanding post-offer * IPO price) from Capital IQ ANZ tech: Secondary capital raisings ( > A$10m raised)1

▪ After no secondary raisings in the eye of the COVID storm No. ANZ tech secondary capital raisings in the March quarter, the June quarter saw a rush of

secondary raisings as companies took advantage of the 24 sharp recovery in appetite for technology stocks. 20 18 19 16 ▪ Virtually all companies allocated a component (if not all) of

the raising to general working capital which is typically code 9 to provide a cash buffer in uncertain times.

▪ Most of the companies have seen their share prices trade up from the issue price with strong support from institutional CY15 CY16 CY17 CY18 CY19 1H20 investors. Total ANZ tech secondary capital raised (A$m)2

▪ The two data centre plays to raise, NextDC and Megaport, 1,775.1 have traded strongly since issue reflecting the strength of 1,675.1 the digitisation thematic that has gained strong momentum 1,445.3 1,249.9 through COVID. Kogan has also recorded a strong gain since issue enjoying the tailwind from the boom in online shopping. 622.3 493.0

CY15 CY16 CY17 CY18 CY19 1H20

2Q20 saw a strong rebound in secondary raisings as issuers took advantage of the strong rally in technology stocks

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions PRIVATE & CONFIDENTIAL | 32 2) Total capital raised for secondary raisings > A$10m ANZ tech: Secondary capital raisings ( > A$10m raised)1

Overview Purposes Details

Raising Market cap at Raising size Premium (Discount) Company Category Ticker Use of proceeds date issue (A$m)2 (A$m) to last close3

Feb-18 SaaS ASX:LNU Product development, R&D 73.0 10.0 0.0%

Mar-18 Technology H&E ASX:MP1 Working capital 454.4 60.0 (7.4%)

Mar-18 Technology H&E ASX:CAT Working capital, product development, R&D 202.8 25.0 (6.8%)

Mar-18 SaaS ASX:ELO Acquisition strategy 325.4 45.0 (10.1%)

Technology Apr-18 ASX:NXT Working capital, acquisition strategy 2,329.6 377.4 (5.6%) enabled services

Technology Apr-18 ASX:LNK Balance sheet flexibility 4,286.1 300.0 (1.6%) enabled services

Acquisition strategy, strengthening May-18 SaaS ASX:WTC 4,288.7 100.6 (3.8%) balance sheet

Jun-18 SaaS ASX:BTH Acquisition strategy 75.6 15.0 (6.7%)

Jul-18 SaaS ASX:WTC Acquisition strategy 4,837.2 11.2 (0.6%)

Jul-18 Software NZSE:GTK Acquisition strategy, balance sheet flexibility 587.2 83.1 (3.3%)

Acquisition strategy, working capital, product Aug-18 SaaS NZSE:SKO 198.1 13.6 6.3% development, R&D

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions Advised by Blackpeak Capital PRIVATE & CONFIDENTIAL | 33 2) Trading day prior to issuance 3) Trading day prior to announcement ANZ tech: Secondary capital raisings ( > A$10m raised)1

Overview Purposes Details

Raising Market cap at Raising size Premium (Discount) Company Category Ticker Use of proceeds date issue (A$m)2 (A$m) to last close3

Acquisition strategy, working capital, balance Aug-18 IT services ASX:CSV 87.2 18.0 (24.5%) sheet flexibility

Aug-18 Fintech ASX:APT Working capital 4,302.8 142.0 (8.1%)

Sep-18 Fintech ASX:WJA Acquisition strategy, working capital 131.0 35.6 4.8%

Oct-18 Fintech ASX:ISX Working capital 145.2 10.0 (9.4%)

Technology Oct-18 ASX:OTW Acquisition strategy 240.3 21.5 (1.1%) enabled services

Technology Mar-19 ASX:APX Acquisition strategy, balance sheet flexibility 2,712.4 300.0 (11.8%) enabled services

Mar-19 Technology H&E ASX:MP1 Working capital, product development, R&D 526.1 60.0 (4.8%)

Mar-19 SaaS ASX:WTC Working capital 6,900.9 335.7 (9.8%)

Accelerate international expansion, balance Mar-19 SaaS ASX:LVH 155.7 15.0 (10.4%) sheet flexibility

Technology Apr-19 ASX:DUB Working capital, global growth 164.0 22.0 (21.1%) enabled services

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions Advised by Blackpeak Capital PRIVATE & CONFIDENTIAL | 34 2) Trading day prior to issuance 3) Trading day prior to announcement ANZ tech: Secondary capital raisings ( > A$10m raised)1

Overview Purposes Details

Raising Market cap at Raising size Premium (Discount) Company Category Ticker Use of proceeds date issue (A$m)2 (A$m) to last close3

Working Capital, product development/ R&D, Apr-19 SaaS ASX:BTH 138.8 15.6 (21.5%) acquisitions strategy

May-19 Software ASX:BVS Working capital, acquisition strategy 1,381.3 165.0 (7.9%)

Jun-19 Technology H&E ASX:AD8 Accelerate growth 456.8 20.0 (5.9%)

Jun-19 Fintech ASX:APT Working capital 6,477.8 347.4 (4.8%)

Jun-19 Technology H&E ASX:BRN Working capital, product development/ R&D 71.6 10.7 (36.2%)

Working capital, product development/ R&D, Sep-19 SaaS ASX:ELO 390.1 70.0 (9.2%) acquisition strategy

Sep-19 SaaS ASX:BTH Acquisition strategy 163.7 20.0 (10.0%)

Accelerate international expansion, balance Oct-19 SaaS ASX:EVS 126.1 10.0 (13.8%) sheet flexibility

Nov-19 Fintech ASX:EML Working Capital, balance sheet flexibility 1,415.8 181.4 (6.2%)

Nov-19 Fintech ASX:APT Accelerate international expansion 8,208.3 200.0 (2.4%)

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions Advised by Blackpeak Capital PRIVATE & CONFIDENTIAL | 35 2) Trading day prior to issuance 3) Trading day prior to announcement ANZ tech: Secondary capital raisings ( > A$10m raised)1

Overview Purposes Details

Raising Market cap at Raising size Premium (Discount) Company Category Ticker Use of proceeds date issue (A$m)2 (A$m) to last close3

Jan-20 SaaS ASX:EVS Acquisition strategy 120.8 84.0 (23.1%)

Jan-20 IT services ASX:CGL Acquisition strategy 236.7 137.4 (5.5%)

Technology Apr-20 ASX:NXT Working capital, product development/ R&D 3,961.8 863.7 (15.0%) enabled services

Apr-20 Technology H&E ASX:MP1 Working capital, product development/ R&D 1,488.4 72.5 (9.5%)

Apr-20 Software NZSE:VGL Working capital 235.7 61.4 (20.8%)

Apr-20 IT services ASX:RHP Working capital, acquisition strategy 231.2 33.8 (9.6%)

Apr-20 SaaS ASX:IFM Working capital, acquisition strategy 493.7 84.9 (11.8%)

May-20 Technology H&E ASX:DDR Working capital 1,204.8 65.2 (6.7%)

Working capital, product development/ R&D, May-20 SaaS ASX:ELO 526.6 70.0 (11.5%) acquisition strategy

Technology May-20 ASX:FCT Working capital 38.9 14.9 (25.0%) enabled services

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions Advised by Blackpeak Capital PRIVATE & CONFIDENTIAL | 36 2) Trading day prior to issuance 3) Trading day prior to announcement ANZ tech: Secondary capital raisings ( > A$10m raised)1

Overview Purposes Details

Raising Market cap at Raising size Premium (Discount) Company Category Ticker Use of proceeds date issue (A$m)2 (A$m) to last close3

May-20 SaaS ASX:BTH Working capital, acquisition strategy 225.6 35.0 (11.8%)

May-20 Fintech NZSE:SPY Working capital, balance sheet flexibility 137.5 13.0 (10.6%)

Jun-20 Software ASX:IRE Working capital, acquisition strategy 2,200.6 175.0 (7.0%)

Jun-20 Online/ digital ASX:KGN Working capital 1,254.2 115.0 (7.5%)

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions Advised by Blackpeak Capital PRIVATE & CONFIDENTIAL | 37 2) Trading day prior to issuance 3) Trading day prior to announcement ANZ tech: Private equity capital raisings

PRIVATE & CONFIDENTIAL | 38 ANZ tech: Private capital raisings ( > A$10m raised)1

No. ANZ tech private capital raisings1 ▪ Despite concerns at the height of COVID in the March quarter that private capital raisings would be difficult to 34 execute as investors focused their attention on supporting existing portfolio companies, the June quarter has seen a significant number of new raisings putting 2020 on track to smash the CY19 record of 19 private capital raised. 16 15 9 7 ▪ Highlights in the June quarter included: the A$60m raise by Safety Culture led by TDM that catapulted the company into unicorn status with a A$1.35bn pre- CY15 CY16 CY17 CY18 CY19 1H20 money valuation; Airwallex secured another A$250m valuing the business at A$2.8bn; and Canva stole the Total ANZ tech private capital raised (A$m)2 headlines taking in another A$87m and almost doubling its previous valuation to A$8.7bn. 1,197.4

▪ Notable in the raft of raisings in the June quarter was 829.5 the continued flow of capital from North American 742.3 venture capital and growth equity investors into Australian-born tech companies, providing a growing 311.7 pool of opportunity for local tech companies on top of 245.8 225.9 the significant investments undertaken by the Australian venture community. CY15 CY16 CY17 CY18 CY19 1H20 A sharp recovery in private capital raisings in Q2 is likely to see 2020 break the 2019 record for private capital raised

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions with disclosed transaction values PRIVATE & CONFIDENTIAL | 39 2) Total capital raised for private raisings > A$10m ANZ tech: Private capital raisings ( > A$10m raised)1

Overview Details

Raising Post-money Raising size Company Investor(s) date valuation (A$m) (A$m)

Jan-19 Blackbird Ventures; Sequoia Capital; CSIRO 45.7

Jan-19 ANU Connect Ventures; Anzu Partners 11.4

Feb-19 Sequoia Capital; Right Click Capital; AirTree Ventures; Qualgro Partners; Atami Capital 27.9

Mar-19 SEEK; Y Combinator; M12; Larsen Ventures 30.0

Mar-19 Blackbird Ventures; Costanoa Venture Capital; M12 39.5

Gobi Partners; Tencent; Horizons Ventures; Hillhouse Capital; Sequoia Capital; Mar-19 1,406.9 140.7 DST Global; Square Peg Capital

Apr-19 Arrowroot Capital Management 14.0

Apr-19 Australian Renewable Energy Agency 10.0

Apr-19 Herbert Smith Freehills; Cibus Group; Acorn Capital 15.0

Apr-19 Nexus Venture Partners; Blackbird Ventures; K1W1 14.1

New Zealand Venture Investment Fund; Finistere Ventures; Yamaha Motor Ventures & Laboratory May-19 12.6 Silicon Valley; Inception Asset Management

May-19 General Catalyst Partners; Felicis Ventures; Blackbird Ventures; Bond Ventures 3,600.0 101.0

Uniseed; Blackbird Ventures; Clean Energy Finance Corporation; Right Click Capital; CSIRO; May-19 24.0 Skip Capital

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions with disclosed transaction values Advised by Blackpeak Capital PRIVATE & CONFIDENTIAL | 40 ANZ tech: Private capital raisings ( > A$10m raised)1

Overview Details

Raising Post-money Raising size Company Investor(s) date valuation (A$m) (A$m)

Jun-19 Gallagher Australia 14.8

Jun-19 n.a. 10.0

Jun-19 Greycroft Partners; Next Coast Ventures; Stage 2 Capital 11.6

Jun-19 Insurance Australia Group 16.8

Jul-19 New Zealand Venture Investment Fund; K1W1; Zino Ventures 15.0

Jul-19 SEEK; OneVentures; AirTree Ventures 100.0 22.0

Aug-19 Arrowroot Capital Management 33.0

Aug-19 Perennial Value Management; Regal Funds Management; Grollo Group; Salta Capital 12.4

Sapphire Ventures; Index Ventures; Global Founders Capital; Felicis Ventures; Sequoia Capital; Sep-19 1,036.6 121.4 TDM Growth Partners; Blackbird Ventures; HOSTPLUS; Grok Ventures; Skip Capital

Sep-19 Sierra Ventures; Horizons Ventures; Sequoia Capital; Square Peg Capital; CSIRO 22.0

Sep-19 Tiger Global Management; Right Click Capital 26.0

Sep-19 Pencarrow Private Equity; Sage Technologies 13.0

Sep-19 Apex Capital Partners; Prosus Ventures Galaxy Digital Ventures 22.1

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions with disclosed transaction values Advised by Blackpeak Capital PRIVATE & CONFIDENTIAL | 41 ANZ tech: Private capital raisings ( > A$10m raised)1

Overview Details

Raising Post-money Raising size Company Investor(s) date valuation (A$m) (A$m)

Oct-19 Bessemer Venture Partners; General Catalyst Partners; Sequoia Capital; Blackbird Ventures; Bond 4,750.0 125.9

Nov-19 Advent Partners 60.0

Nov-19 In-Q-Tel; Brick & Mortar Ventures; CSIRO 20.0

Nov-19 In-Q-Tel 10.3

Dec-19 Mirrabooka Investments; SG Hiscock & Company; Acorn Capital; Bombora Group 20.0

Dec-19 Perennial Investment Partners; Salta Capital 12.5

Dec-19 Goldman Sachs; Paladin Capital; Cisco Investments; AirTree Ventures; ForgePoint Capital 69.8

Dec-19 Updata Partners; Equity Venture Partners 24.0

Dec-19 Ramsay Health Care; Horizons Ventures; Blackbird Ventures; Skip Capital 29.0

Jan-20 Accel-KKR 28.0

Jan-20 BlackRock; AustralianSuper; Ellerston Capital; Pendal Group 1,100.0 100.0

Jan-20 Toshiba 13.5

Feb-20 Tola Capital 13.2

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions with disclosed transaction values Advised by Blackpeak Capital PRIVATE & CONFIDENTIAL | 42 ANZ tech: Private capital raisings ( > A$10m raised)1

Overview Details

Raising Post-money Raising size Company Investor(s) date valuation (A$m) (A$m)

Feb-20 Five Elms Capital 29.1

Feb-20 Sutter Hill Ventures; Lightspeed Venture Partners; Rampersand; Aspect Ventures; Tidal Ventures 32.6

In-Q-Tel.; SingTel; Turnbull & Partners; Host-Plus; Artesian Capital Management; Apr-20 28.0 Right Click Capital; Boeing HorizonX Ventures; CSIRO (Main Sequence); SA Venture Capital Fund

Apr-20 Index Ventures; TDM Growth Partners; Blackbird Ventures; Skip Capital 1,300.0 60.5

Horizons Ventures; Hillhouse Capital Management; Sequoia Capital; Tencent; DST Global; Apr-20 2,843.5 250.0 Salesforce Ventures; ANZi Ventures

May-20 Navegar 31.2

May-20 Norwest Venture Partners; Northgate Capital Group; The Four Rivers Group 27.1

May-20 Yamaha Motor Ventures & Laboratory Silicon Valley, Inc.; Bosch 11.0

Madrona Venture Group; SEEK; M12; Salesforce Ventures; Our Innovation Fund; May-20 61.5 Madrona Acceleration Fund

May-20 Washington H. Soul Pattinson and Company 30.5

Jun-20 Reinventure Group; Ten Eleven Ventures; CSIRO (Main Sequence) 14.4

Jun-20 General Catalyst Partners; Felicis Ventures; Sequoia Capital; Blackbird Ventures; Bond Capital 8,694.0 86.9

Jun-20 n.a. 12.0

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions with disclosed transaction values Advised by Blackpeak Capital PRIVATE & CONFIDENTIAL | 43 ANZ tech: Australia venture capital fund activities

No. Australia venture capital funds closed No. Australia venture capital deals

14 196 175 149 151 153 9 7 7 6 99 5

CY14 CY15 CY16 CY17 CY18 CY19 CY14 CY15 CY16 CY17 CY18 CY19

Total venture capital funds raised (A$m) Total value of venture capital deals (A$m)

2419 922 2243

599 632

430 1098 784 691 207 539 118

CY14 CY15 CY16 CY17 CY18 CY19 CY14 CY15 CY16 CY17 CY18 CY19

Significant increase in Australian VC fund raisings allows more capital to be deployed locally

Source: Australian Investment Council 2020 Yearbook. Released annually in April or May. PRIVATE & CONFIDENTIAL | 44 ANZ tech: Selected ANZ venture capital fund raisings1

Overview Details Overview Details

Venture capital fund Raising date Raising size (A$m) Venture capital fund Raising date Raising size (A$m)

Sep-15 200.0 May-18 50.0

Dec-15 50.0 May-18 10.0

Aug-16 50.0 Jun-18 > 150.0

Sep-16 250.0 Aug-18 100.0 Sep-18 100.0 Dec-16 75.0 Oct-18 55.0 Dec-16 170.0 Feb-19 35.0 Dec-16 200.0 Feb-19 50.0 Jan-17 > 50.0 Mar-19 50.0 Feb-17 50.0 Apr-19 45.0 Mar-17 20.0 May-19 250.0 Mar-17 234.0 Jun-19 340.0 Jul-17 100.0 Jul-19 29.0 Jul-17 50.0 Oct-19 22.0 Jun-17 200.0 Oct-19 50.0

Aug-17 100.0 Oct-19 275.0

Sep-17 40.0 Jun-20 350.0

Apr-18 261.0 Jul-20 80.0

May-18 > 10.0 Aug-20 500.0

Source: Crunchbase, Australian Financial Review, Capital IQ, company filings, Blackpeak Capital. 1) Completed transactions PRIVATE & CONFIDENTIAL | 45 2) New Zealand fund, NZ$30m ANZ tech: Mergers and acquisitions

PRIVATE & CONFIDENTIAL | 46 ANZ tech: Mergers and acquisitions

No. ANZ tech M&A transactions ( > A$10m)1 ▪ Strategic acquirers have been hesitant to pursue further inorganic 26 27 growth due to uncertainty around 22 valuation and business outlook 19 19 ▪ M&A activity in the ANZ region is Economic expected to recover slightly in the disruption second half of 2020 as acquirers regain confidence in their outlook for 6 the local business environment

▪ Data centre businesses have CY15 CY16 CY17 CY18 CY19 1H20 become the centre of attention 1 (performance of NextDC, $3bn Total value of ANZ tech M&A transactions (A$m) Macquarie-AirTrunk deal and Data centres Equinix’s $2.3bn capital raise) 5,684.3

▪ All foreign investments now subject 3,809.3 to FIRB screening regardless of 3,631.4 value 2,413.2

▪ Extended timetable for approvals for 1,399.6 New FIRB international acquirers introduced to regulation protect the national interest of 216.8 Australia CY15 CY16 CY17 CY18 CY19 1H20

Tech M&A activities in Australia remains subdued but is expected to rebound in 2H20

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions > A$10m PRIVATE & CONFIDENTIAL | 47 ANZ tech: Mergers and acquisitions ( > A$10m)1

Transaction overview Multiples

Target Date Acquirer Transaction value (A$m)2 EV/ LTM revenue EV/ LTM EBITDA

Jan-19 373.5 n.a. n.a.

Asia Pacific Data Center Feb-19 252.7 n.a. n.a.

Feb-19 163.4 0.8x 11.5x

Feb-19 97.6 6.4x n.a.

Mar-19 14.1 n.a. n.a.

May-19 43.2 n.a. n.a.

May-19 21.3 1.3x 5.5x

Jun-19 13.4 2.4x n.a.

Jun-19 135.0 2.4x n.a.

Jun-19 20.0 n.a. n.a.

Jul-19 243.8 2.4x 14.1x

New Zealand Aug-19 3,384.2 n.a. n.a.

Aug-19 68.7 n.a. n.a.

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions Advised by Blackpeak Capital PRIVATE & CONFIDENTIAL | 48 2) Transaction values include potential earnouts ANZ tech: Mergers and acquisitions ( > A$10m)1

Transaction overview Multiples

Target Date Acquirer Transaction value (A$m)2 EV/ LTM revenue EV/ LTM EBITDA

Aug-19 50.0 n.a. n.a.

Aug-19 – n.a. n.a.

Aug-19 12.5 2.1x n.a.

Sep-19 29.5 n.a. n.a.

Oct-19 34.6 n.a. n.a.

PS&C Security Division Oct-19 13.8 0.8x 6.0x

Oct-19 10.0 n.a. n.a.

Oct-19 10.5 n.a. n.a.

Oct-19 102.0 n.a. n.a.

Oct-19 63.0 6.8x n.a.

Oct-19 10.2 n.a. n.a.

Oct-19 397.8 1.7x 15.7x

Oct-19 25.0 n.a. n.a.

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions Advised by Blackpeak Capital PRIVATE & CONFIDENTIAL | 49 2) Transaction values include potential earnouts ANZ tech: Mergers and acquisitions ( > A$10m)1

Transaction overview Multiples

Target Date Acquirer Transaction value (A$m)2 EV/ LTM revenue EV/ LTM EBITDA

Nov-19 20.7 n.a. n.a.

Nov-19 30.6 1.1x n.a.

Nov-19 35.0 n.a. n.a.

Jan-20 ~2,640.0 n.a. n.a.

Jan-20 36.3 n.a. n.a.

Jan-20 109.8 2.1x n.a.

Jan-20 18.2 9.3x n.a.

Jan-20 25.0 n.a. n.a.

Enterprise Division Feb-20 35.0 n.a. n.a.

Feb-20 20.0 n.a. n.a.

Mar-20 14.0 n.a. n.a.

First Credit Union; CRX Investments; Mar-20 12.3 1.2x 22.0x Police and Families Credit Union

Jun-20 27.5 1.9x n.a.

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions Advised by Blackpeak Capital PRIVATE & CONFIDENTIAL | 50 2) Transaction values include potential earnouts ANZ tech: Selected private equity acquisitions1

Transaction overview Multiples

Target Date Acquirer Transaction value (A$m)2 EV/ LTM revenue EV/ LTM EBITDA

Sep-18 n.a. n.a. n.a.

Sep-18 n.a. n.a. n.a.

Oct-18 2,071.7 5.6x 18.5x

Oct-18 n.a. n.a. n.a.

Dec-18 n.a. n.a. n.a.

Dec-18 n.a. n.a. n.a.

Mar-19 n.a. n.a. n.a.

Apr-19 n.a. n.a. n.a.

Jun-19 n.a. n.a. n.a.

Jul-19 n.a. n.a. n.a.

Aug-19 n.a. n.a. n.a.

Aug-19 n.a. n.a. n.a.

Oct-19 n.a. n.a. n.a.

Nov-19 n.a. n.a. n.a.

Nov-19 n.a. n.a. n.a.

Dec-19 n.a. n.a. n.a.

Jan-20 n.a. n.a. n.a.

Enterprise Division Feb-20 35.0 n.a. n.a.

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions Advised by Blackpeak Capital PRIVATE & CONFIDENTIAL | 51 2) Transaction values include potential earnouts ANZ tech: Most active acquirers of ANZ tech companies1

Most active acquirers

Company Number of acquisitions1

16

6

6

6

5

5

5

4

4

4

4

4

4

4

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions since 2015 PRIVATE & CONFIDENTIAL | 52 US tech: M&A and equity capital raisings

PRIVATE & CONFIDENTIAL | 53 US tech: Market themes

▪ US economy has demonstrated early Mean and median tech M&A transaction values (A$m)1 signs of recovery over the past two months, with 4.9 million jobs added Median Mean 1,241 in June and unemployment rate 1,027 dropping to 11.1% 943 Economic ▪ FAANG stocks have demonstrated 788 Recovery remarkable resilience in weathering the market turbulence, returning over 351 50% over the past 12 months (on a 247 market-cap weighted basis) 63 86 82 109 98 85 ▪ Surge in COVID-19 cases had been detected in economically significant CY15 CY16 CY17 CY18 CY19 1H20 US states, with daily new cases in Mean and median tech IPO’s raising size (A$m)2 US epidemic the US reaching record highs accelerating 560 ▪ Upcoming US earnings season may Median Mean 497 497 reveal the extent of the pandemic’s 475 impact on large corporates 414 ▪ Robustness of 2019 M&A deal flow 310 277 295 245 in US markets has been disrupted by 223 widespread economic slowdown 176 175 ▪ Strategic acquirers and private Mergers and equity expected to take centre stage Acquisitions in stimulating growth in tech transaction volume after the crisis CY15 CY16 CY17 CY18 CY19 1H20

A recovery in IPO and M&A activity in the US remains uncertain over the coming months

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions with disclosed transaction values > A$10m PRIVATE & CONFIDENTIAL | 54 2) Completed transactions with amount raised > A$100m Note: only 1 US tech IPO (raising > A$100m was executed in 1H20 US tech: IPO’s ( > A$100m raised)1

Context for US tech IPO’s

▪ Significant slowdown in IPO activity was evident in 1H20, however a recovery in tech IPO’s may occur in the second half of 2020 as US tech valuations reach record high ▪ IPO activity likely to lag the second quarter equity market recovery as investors need greater clarity on the real economic impacts of COVID-19 ▪ High growth tech companies may seek additional capital through IPO’s in order to accelerate their global expansion and acquisition pipeline No. US tech IPO’s and total capital raised at IPO’s (A$m)

Value (A$m) Includes IPO’s of Includes IPO’s of Volume 10,000 GreenSky ($1.1bn), Slack ($400m) and 25 9,000 DocuSign ($833m) and 8,701 Zoom ($1.0bn) Dropbox ($981m) 8,000 20 21 7,000 6,724 6,655 15 6,000 14 15 12 5,000 4,161 4,000 9 10

3,000 2,003 2,000 5

1,000 1 497 0 0 CY15 CY16 CY17 CY18 CY19 1H20

Due to significant volatility, US markets have seen only 1 tech IPO (raising > A$100m) in 1H20

Source: PwC, Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions with disclosed values PRIVATE & CONFIDENTIAL | 55 US tech: Secondary capital raisings ( > A$100m raised)1

Context for US tech secondary capital raisings

▪ Significant surge in secondary capital raisings in the first half of 2020 with underperforming tech companies strengthening their balance sheet due to uncertainties around the COVID-19 pandemic ▪ Tech players that have benefited from the COVID-19 crisis raised additional capital to accelerate expansion and capture growth opportunities (e.g. Equinix A$2.3bn, Tesla A$3bn, CoStar A$2.3bn) ▪ Rise in emergency funding and recapitalisations is expected throughout 2020, particularly for sectors such as hospitality, retail, travel and tourism No. US tech secondary capital raisings and total secondary capital raised (A$m)

Value (A$m) Includes SoftBank’s sale of Volume 55,000 $21.5bn stake in T-Mobile 70 50,000 47,363 56 55 60 45,000 54 40,000 37,715 35,288 50 35,000 40 40 30,000 27,032 33 30 25,000 19,741 30 20,000 16,807 15,000 20 10,000 10 5,000 0 0 CY15 CY16 CY17 CY18 CY19 1H20

1H20 - Surge in tech secondary raising in US equity markets to strengthen balance sheets

Source: Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions with disclosed values PRIVATE & CONFIDENTIAL | 56 US tech: Mergers and acquisitions ( > A$10m)1

Context for US tech mergers and acquisitions

▪ Large corporate tech players and private equity firms with an acquisitive appetite may contribute to recoveries in tech M&A in the second half of 2020 ▪ Deal volume in tech have declined significantly in the first half of 2020 due to significant uncertainties around outlooks for the global economy and equity markets ▪ As equity markets recover with volatility trending downwards across asset classes, M&A activity may see a resurgence as the extent of COVID-19’s impact becomes clearer to acquirers No. US tech M&A transactions and total value of transactions (A$m)

Value (A$m) Volume 200,000 Includes Worldpay 140 181,161 180,246 180,000 ($61.4bn), First Data ($58.1bn) Ultimate Software 120 160,000 ($15.2bn) and Ellie Mae 117,652 96 95 94 140,000 93 118 93 ($5.2bn) acquisitions 100 86 83 82 82 120,000 110,909 76 78 76 78 72 73 100,996 80 69 71 98 68 100,000 80,546 81,752 71 80,623 60 80,000 68,063 61,216 59,473 52,545 55,149 52,019 60,000 40 41,723 36,013 38,865 40,000 31,200 22,355 15 21,160 17,380 20 20,000 3,099 0 0 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

US tech M&A activity in 1H20 was at its lowest level over the past 5 years

Source: PwC. Deloitte, Capital IQ, company filings, Blackpeak Capital. Market data as at 30 June 2020 1) Completed transactions with disclosed values PRIVATE & CONFIDENTIAL | 57 Appendix: Index constituents

PRIVATE & CONFIDENTIAL | 58 Blackpeak ANZ tech indices constituents

Multiples Operating metrics FCF Revenue Recurring Capitalisation EV/ Revenue EV/ EBITDA Margins (LTM) Expenses SaaS Attrition margin growth revenue SaaS Equity Value Enterprise S&M/ R&D/ Last Last Company FY2019 NTM FY2019 NTM NTM Gross EBITDA LTM NTM magic (A$m) Value (A$m) revenue revenue reported reported number ANZ SaaS

WiseTech 6,231 6,041 17.3x 12.9x 55.9x 43.9x (1.1%) 80.9% 30.4% 39.5% 21.6% 15.0% 24.2% 2.0x 90.0% 0.2% Xero 12,770 12,734 25.3x 16.1x 148.3x 72.3x 3.0% 85.2% 20.1% 29.9% 18.4% 44.9% 27.9% 1.1x 98.0% 13.2% Class 163 147 3.8x 3.1x 8.2x 7.9x 14.9% 96.8% 44.0% 10.2% 14.1% 3.8% 15.4% 6.7x 94.1% 1.1% ELMO 613 476 11.9x 9.4x n.a. n.a. (45.2%) 86.1% (3.3%) 38.4% 26.6% 45.7% 10.3% 0.5x 97.3% 7.1% Eroad 204 240 4.2x 2.8x 16.4x 7.8x (4.0%) n.a. 22.3% 32.2% 14.1% n.a. 15.6% n.a. 93.2% 2.0% BigTinCan 277 215 10.8x 5.7x n.a. n.a. (9.9%) 86.6% (24.6%) 49.4% 57.4% 59.5% 37.5% 2.4x 89.2% 11.0% ReadyTech 112 135 4.1x 3.4x 10.5x 8.4x n.a. 95.1% 41.5% 26.4% 22.0% 1.2% n.a. 6.3x 87.5% 5.0% Serko 280 243 11.1x 13.9x 100.3x n.a. 58.7% 92.9% (31.1%) 10.7% (27.5%) 11.6% 16.6% (11.3x) 87.4% n.a. Whispir 223 207 6.7x 4.5x n.a. n.a. (24.3%) 65.6% (31.5%) 16.5% 26.0% 40.4% 19.8% 1.3x 95.6% 6.0% LiveTiles 200 158 8.7x 3.6x n.a. n.a. 12.4% 97.1% (94.7%) 221.7% n.a. 11.0% 11.0% 14.1x 82.5% n.a. LiveHire 55 29 11.0x 5.6x n.a. n.a. (254.9%) n.a. (572.8%) 53.5% 53.8% 20.8% n.a. n.a. 83.0% 8.4% Damstra 183 175 11.5x 7.4x 134.9x 28.5x 6.8% 90.6% 17.4% n.a. n.a. n.a. 2.2% n.a. 91.4% 3.0% Life360 302 209 2.5x 1.8x n.a. n.a. (17.3%) 85.7% (48.7%) 83.8% 30.9% 57.5% 72.3% 2.4x 74.7% n.a. Pro Medicus 2,750 2,714 n.a. 41.4x 84.9x 61.7x 45.9% 99.4% 51.4% 24.9% 19.0% 3.3% 11.7% 28.8x 91.9% n.a. Volpara 342 316 n.a. 14.2x n.a. n.a. (62.1%) 88.7% (180.8%) 152.0% 43.4% 105.1% 24.1% (0.7x) 75.8% n.a. Infomedia 628 532 6.3x 5.4x 14.0x 10.9x 15.5% n.a. 47.7% 18.1% 11.6% 27.8% 30.5% 1.2x 95.3% n.a. Limeade 356 315 4.6x 4.0x n.a. n.a. (18.1%) 75.5% (10.2%) 18.3% 17.0% 35.5% 32.3% 1.0x 96.0% 2.6% Nitro 280 216 4.2x 3.7x n.a. n.a. 17.3% 88.7% (10.7%) 10.1% 13.2% 52.8% 19.8% n.a. 37.0% 10.0% Median 7.7x 5.5x 55.9x 19.7x (1.1%) 88.7% (6.7%) 29.9% 20.3% 31.7% 19.8% 1.7x 90.7% 5.5%

Max 25.3x 41.4x 148.3x 72.3x 58.7% 99.4% 51.4% 221.7% 57.4% 105.1% 72.3% 28.8x 98.0% 11.0%

Min 2.5x 1.8x 8.2x 7.8x (254.9%) 65.6% (572.8%) 10.1% (27.5%) 1.2% 2.2% (11.3x) 37.0% 0.2%

Source: Capital IQ, company filings, Blackpeak Capital. PRIVATE & CONFIDENTIAL | 59 Blackpeak ANZ tech indices constituents

Multiples Operating metrics

Capitalisation EV/ Revenue EV/ EBITDA FCF margin Margins (LTM) Revenue growth Expenses

Equity Value Enterprise S&M/ R&D/ Company FY2019 NTM FY2019 NTM NTM Gross EBITDA LTM NTM (A$m) Value (A$m) revenue revenue

ANZ software FINEOS 1,061 1,017 9.9x 6.9x 87.9x 38.4x (6.3%) 66.4% 13.8% 29.2% 36.5% 4.5% 12.1% Iress 2,063 2,139 4.2x 3.8x 18.4x 16.3x 13.4% n.a. 22.6% 9.5% 11.3% n.a. n.a. TechnologyOne 2,801 2,748 9.6x 8.7x 33.5x 25.3x 18.2% n.a. 27.8% 14.2% 6.0% 2.0% 20.6% Altium 4,252 4,154 16.7x 13.9x 45.7x 36.3x 27.9% 97.3% 38.2% 20.3% 7.4% 3.5% 9.9% Hansen 577 752 3.3x 2.5x 13.5x 9.1x 14.5% n.a. 23.9% 17.1% 29.6% n.a. 4.2% Integrated Research 662 654 6.5x 5.8x 16.3x 14.6x 25.6% n.a. 38.6% 8.2% 9.1% 50.6% 16.8% Objective 689 668 10.8x 8.9x 47.2x 40.5x 22.1% 96.0% 23.2% 12.2% 38.0% 41.9% 22.1% Praemium 147 137 3.1x 2.8x 12.1x 10.0x 10.8% n.a. 29.3% 3.4% 7.7% 3.0% n.a. Vista Group 310 267 2.0x 5.1x 11.8x n.a. 61.0% n.a. 16.7% 10.6% (55.1%) 6.6% 19.4% Bravura 1,100 1,045 4.0x 3.5x 21.3x 17.5x 1.9% n.a. 19.3% 8.4% 10.5% n.a. 0.7% Gentrack 130 140 1.3x 1.6x 6.0x 14.9x 14.0% n.a. 23.0% 0.9% (13.6%) 1.0% 7.8% Median 4.2x 5.1x 18.4x 16.9x 14.5% 96.0% 23.2% 10.6% 9.1% 4.0% 12.1% Max 16.7x 13.9x 87.9x 40.5x 61.0% 97.3% 38.6% 29.2% 38.0% 50.6% 22.1% Min 1.3x 1.6x 6.0x 9.1x (6.3%) 66.4% 13.8% 0.9% (55.1%) 1.0% 0.7% ANZ online classifieds REA 14,209.4 14,450.6 15.4x 16.8x 28.8x 28.6x 34.3% 96.5% 52.6% (2.6%) (7.7%) 8.3% n.a. carsales.com 4,357.2 4,808.7 11.5x 11.4x 22.9x 21.7x 32.5% 83.8% 50.1% 11.9% (4.7%) 19.0% n.a. SEEK 7,719.0 9,108.9 5.8x 5.5x 20.0x 21.8x 10.7% 85.3% 27.7% 15.7% 2.8% 9.1% n.a. Domain 1,958.5 2,159.9 6.5x 8.1x 22.0x 25.7x 13.9% n.a. 21.0% (16.8%) (24.0%) 13.2% n.a. FDV 247.9 235.8 15.4x 10.3x n.a. n.a. (15.7%) n.a. (28.4%) 21.5% 41.2% 27.5% n.a. Median 11.5x 10.3x 22.5x 23.7x 13.9% 85.3% 27.7% 11.9% (4.7%) 13.2% n.a. Max 15.4x 16.8x 28.8x 28.6x 34.3% 96.5% 52.6% 21.5% 41.2% 27.5% n.a. Min 5.8x 5.5x 20.0x 21.7x (15.7%) 83.8% (28.4%) (16.8%) (24.0%) 8.3% n.a.

Source: Capital IQ, company filings, Blackpeak Capital. PRIVATE & CONFIDENTIAL | 60 Blackpeak ANZ tech indices constituents

Multiples Operating metrics

Capitalisation EV/ Revenue EV/ EBITDA FCF margin Margins (LTM) Revenue growth

Equity Value Enterprise Company FY2019 NTM FY2019 NTM NTM Gross EBITDA LTM NTM (A$m) Value (A$m)

ANZ technology enabled services

Appen 4,126.6 4,074.0 7.6x 5.7x 40.3x 30.6x 10.2% 25.8% 15.6% 47.0% 32.9% NEXTDC 4,495.9 4,304.1 25.4x 19.1x 50.6x 37.4x (131.4%) 64.0% 52.0% 10.5% 13.1% Nearmap 1,020.0 986.5 12.7x 9.4x 63.7x 58.4x (13.3%) 45.3% (36.6%) 36.9% 23.3% Dubber 234.7 221.0 39.8x n.a. n.a. n.a. n.a. n.a. (155.3%) 170.3% n.a. Straker 46.5 37.1 1.6x 1.3x n.a. 75.6x (2.2%) 54.8% (4.0%) 12.8% 6.9% Netlinkz 118.1 123.5 n.a. 15.6x n.a. n.a. n.a. n.a. (1,594.2%) 384.6% 374.3% OvertheWire 178.7 181.9 2.3x 1.9x 9.1x 9.7x 11% 22.4% 22.3% 38.1% 13.4% Aerometrex 141.6 122.9 7.6x 5.3x 23.6x 23.3x 15.8% 42.8% 30.7% n.a. 33.1% Median 7.6x 5.7x 40.3x 34.0x 4.0% 44.1% 5.8% 38.1% 23.3%

Max 39.8x 19.1x 63.7x 75.6x 15.8% 64.0% 52.0% 384.6% 374.3%

Min 1.6x 1.3x 9.1x 9.7x (131.4%) 22.4% (1,594.2%) 10.5% 6.9% ANZ online/ digital Freelancer 180.9 175.3 3.0x n.a. n.a. n.a. n.a. 83.7% (0.2%) 5.5% n.a. 3P Learning 120.0 113.1 2.1x 2.1x 6.4x 8.1x n.a. 41.6% 3.8% 5.1% (1.1%) iSelect 44.7 37.3 0.2x n.a. 1.6x n.a. n.a. 30.6% 3.8% (16.9%) n.a. Redbubble 539.8 484.4 1.6x 1.3x 127.5x 37.6x 2.6% 15.4% (2.4%) 30.8% 33.7% Kogan 1,524.0 1,378.3 3.1x 2.5x 45.8x 26.3x 4.0% 22.4% 7.8% (1.9%) 16.6% Temple & Websters 715.7 701.2 6.9x 3.4x 637.4x 73.1x 6.7% 44.4% 2.1% 44.4% 51.1% Median 2.6x 2.3x 45.8x 31.9x 4.0% 36.1% 2.9% 5.3% 25.1% Max 6.9x 3.4x 637.4x 73.1x 6.7% 83.7% 7.8% 44.4% 51.1% Min 0.2x 1.3x 1.6x 8.1x 2.6% 15.4% (2.4%) (16.9%) (1.1%)

Source: Capital IQ, company filings, Blackpeak Capital. PRIVATE & CONFIDENTIAL | 61 Blackpeak ANZ tech indices constituents

Multiples Operating metrics

Capitalisation EV/ Revenue EV/ EBITDA FCF margin Margins (LTM) Revenue growth

Equity Value Enterprise Company FY2019 NTM FY2019 NTM NTM Gross EBITDA LTM NTM (A$m) Value (A$m)

ANZ technology hardware and equipment Superloop 362.2 397.4 3.4x 3.4x 46.8x 23.5x (25.7%) 49.4% 0.3% (13.5%) (10.4%) Audinate 366.9 335.4 11.8x 10.5x 121.3x 178.2x (8.6%) 76.3% 3.2% 21.4% 6.8% Megaport 1,851.4 1,676.1 47.8x 23.1x n.a. n.a. (54.4%) 44.4% (63.9%) 75.2% 64.7% Catapult 214.0 195.5 2.0x 1.8x 35.8x 12.9x (1.1%) 29.3% 1.2% 18.0% 5.2% Codan 1,276.1 1,257.2 4.6x 3.8x 16.0x 11.7x 18.6% 55.5% 25.4% 18.9% 23.4% Pivotal 146.5 144.5 6.5x 3.4x n.a. n.a. (28.6%) 11.3% (62.8%) (24.7%) 77.0% SM Systems 50.9 50.8 3.1x n.a. n.a. n.a. n.a. 44.0% (13.0%) 27.9% n.a. Revasum 32.2 29.0 1.0x 0.8x n.a. n.a. (23.6%) 11.2% (60.9%) (24.8%) (25.9%) Median 4.0x 3.4x 41.3x 18.2x (23.6%) 44.2% (6.4%) 18.5% 6.8% Max 47.8x 23.1x 121.3x 178.2x 18.6% 76.3% 25.4% 75.2% 77.0% Min 1.0x 0.8x 16.0x 11.7x (54.4%) 11.2% (63.9%) (24.8%) (25.9%) ANZ IT services Citadel 249.5 263.5 2.7x 1.8x 11.3x 7.1x 8.2% 41.6% 14.7% 2.0% 32.2% Data#3 699.0 693.3 0.5x 0.5x 23.7x 20.1x 1.1% 3.5% 2.3% 16.6% 6.4% DWS 106.8 146.0 0.9x n.a. 6.6x n.a. n.a. 17.2% 13.2% 11.7% n.a. ARQ (Melb IT) 8.4 81.0 1.0x 1.4x 4.7x 12.5x n.a. 66.9% 8.6% (16.5%) (66.5%) Rhipe 317.4 264.2 5.5x 4.3x 20.6x 17.2x 16.1% 94.2% 16.2% 31.8% 16.6% Trimantium 6.2 24.7 0.4x n.a. n.a. n.a. n.a. 3.3% (40.0%) 27.9% n.a. RXP 40.3 58.5 0.4x 0.4x 3.5x 3.6x n.a. 15.7% 9.4% (2.3%) (3.0%) Median 0.9x 1.4x 9.0x 12.5x 8.2% 17.2% 9.4% 11.7% 6.4% Max 5.5x 4.3x 23.7x 20.1x 16.1% 94.2% 16.2% 31.8% 32.2% Min 0.4x 0.4x 3.5x 3.6x 1.1% 3.3% (40.0%) (16.5%) (66.5%)

Source: Capital IQ, company filings, Blackpeak Capital. PRIVATE & CONFIDENTIAL | 62 Blackpeak ANZ tech indices constituents

Multiples Operating metrics

Capitalisation EV/ Revenue EV/ EBITDA FCF margin Margins (LTM) Revenue growth

Equity Value Enterprise Company FY2019 NTM LTM NTM NTM Gross EBITDA LTM NTM (A$m) Value (A$m)

ANZ fintech

Afterpay 16,348.0 16,359.6 n.a. 26.7x 460.8x 580.9x (64.6%) 71.4% 9.1% 97.1% 92.3%

Splitit 415.8 399.3 n.a. n.a. n.a. n.a. n.a. 70.8% (1,154.0%) 108.4% n.a.

Prospa 154.7 459.7 3.4x 3.5x 67.6x n.a. n.a. n.a. n.a. 9.8% (6.2%)

Sezzle 675.9 657.1 33.9x 10.0x n.a. n.a. (42.3%) 52.3% (35.5%) 884.1% 224.3%

Zip 2,041.7 2,935.6 35.4x 11.4x n.a. n.a. 4.8% 35.6% (25.4%) 105.9% 88.6%

Pushpay 2,265.5 2,343.5 16.4x 8.5x 1001.1x 29.8x 26.0% 65.5% 16.1% 32.0% 36.3%

EML 1,201.4 951.9 10.1x 6.1x 32.7x 21.5x 12.5% 76.4% 15.4% 36.5% 25.3%

OFX 342.5 302.6 2.4x 2.3x 9.4x 9.5x 13.4% 90.5% 20.6% 6.2% (3.1%)

Hub24 584.1 569.0 10.5x 5.0x 38.4x 22.9x 15.7% 64.1% n.a. 12.3% 13.1%

Netwealth 2,132.1 2,057.3 21.3x 16.3x 39.6x 32.1x 38.4% 66.9% 55.1% 20.1% 22.4%

Wisr 227.8 241.4 n.a. 14.8x n.a. n.a. (31.2%) 46.0% n.a. 68.6% 146.2%

Tyro 1,747.5 1,624.5 8.8x 7.0x n.a. n.a. n.a. 42.5% (0.8%) n.a. n.a.

MoneyMe 193.2 269.9 8.5x 5.7x n.a. n.a. 50.7% n.a. (1.1%) n.a. 40.1%

Money3 287.2 416.0 4.5x 3.1x 6.5x 7.0x 11.1% n.a. 55.2% 112.2% (8.4%)

Median 10.1x 7.0x 39.0x 22.9x 12.5% 65.5% 9.1% 52.6% 30.8%

Max 35.4x 26.7x 1,001.1x 580.9x 50.7% 90.5% 55.2% 884.1% 224.3%

Min 2.4x 2.3x 6.5x 7.0x (64.6%) 35.6% (1,154%) 6.2% (8.4%)

Source: Capital IQ, company filings, Blackpeak Capital. PRIVATE & CONFIDENTIAL | 63 40-42 Young St Sydney, New South Wales, 2000 www.blackpeakcapital.com.au

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